Iran’s Economic Growth Rate Stands at 12.5 Percent: IMF

October 12, 2017 - 10:18

The International Monetary Fund has in its latest World Economic Outlook announced that Iran’s economic growth rate in 2016 was 12.518% year-on-year and its unemployment rate rose to 12.450%, while the inflation rate fell to 9.03%.

While the economic growth rate stood at 12.5 percent in 2016, the IMF predicts that it would fall to 3.5 (3.459) percent at the end of 2017.

According to a Farsi report by Fars News Agency, in the previous report, it had predicted a 3.3% growth for 2017. In addition, in its earlier report, the international body also predicted Iran’s economic growth would reach 6.6% in 2016, but in October the figure was changed to 12.5 (12.518%).

According to the report, Iran’s unemployment rate will be 12.417 percent this year, which will be slightly lower than last year’s 12.450 percent. However, the unemployment rate in 2016 was higher than 2015. Iran’s unemployment rate was estimated at 11% in 2015, the report said.

Iran’s inflation rate is predicted to be 10.529% in 2017, and the estimates of this international body for the inflation in 2016 has been modified and changed to 9.035%.

In the previous report, the inflation rate in Iran was 8.9% in 2016.

Also, it shows that Iran’s financial account balances will drop to 5.05% of GDP in 2017. The figure was 2.4% of GDP in 2015, and has reached 4.05% of GDP in 2016.